@odolvlobo
That was intended haha. The extra 1% is because the seller is also inputting funds.
Also, this surpasses the capabilities of purely multi-sig based escrow.
Topic: Does this idea for the possible implementation of "Smart Addresses" make sense? (Read 568 times)
March 24, 2014, 04:17:23 PM
March 24, 2014, 02:08:56 PM
Escrow can be done easily using multi-sig transactions. Oh and your numbers don't add up to 100%.
March 24, 2014, 10:33:41 AM
I posted this on reddit the other day, but I realized you guys would probably be a better crowd to share this with.
99% of payment for product or service is sent in Bitcoin by buyer to a smart address (escrow address that is supported by the network). 0.05% is sent to the smart address as well by the merchant or provider of service. When the product is delivered or the service is serviced, the buyer sends the last 1% and the merchant/service provider sends another 0.05%.
Since both the buyer and seller sent coins before the physical transaction occurred (and signed by each party's private keys), the smart address "knows" where to send the coins after all four deposits have been received (to the seller).
The address would also include a functionality which would would release the coins back to the buyer after a certain amount of time lapses before the post-transaction 1% is sent by the buyer.
I understand there is a lot of work before such addresses can actually be implemented, but I thought I might as well throw the idea out there.
99% of payment for product or service is sent in Bitcoin by buyer to a smart address (escrow address that is supported by the network). 0.05% is sent to the smart address as well by the merchant or provider of service. When the product is delivered or the service is serviced, the buyer sends the last 1% and the merchant/service provider sends another 0.05%.
Since both the buyer and seller sent coins before the physical transaction occurred (and signed by each party's private keys), the smart address "knows" where to send the coins after all four deposits have been received (to the seller).
The address would also include a functionality which would would release the coins back to the buyer after a certain amount of time lapses before the post-transaction 1% is sent by the buyer.
I understand there is a lot of work before such addresses can actually be implemented, but I thought I might as well throw the idea out there.
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